Ægir Cooperative

BY-LAW NUMBER 2: LOAN AND SECURITY GRANTING

DRAFT

Borrowing, Issuing Bonds and Mortgaging Assets

The General Assembly, under this by-law, authorizes the Board to:

  1. Borrow money on the credit of the cooperative (Article 89, paragraph 3);
  2. Issue bonds or other securities of the cooperative and give them as security or sell them for prices deemed appropriate;
  3. Mortgage or otherwise pledge the assets of the cooperative (Article 89, paragraph 3) and without limiting the generality of the foregoing:
    • Mortgage all its property, movable or immovable, present or future, tangible or intangible;
    • Sell its debts or accounts receivables, present or future, or payments due or accruing on its shares in accordance with the provisions of the Civil Code of Quebec relating to the assignment of claims (Article 27, paragraph 2).

SECRETARY’S CERTIFICATE

I, the undersigned, secretary of the cooperative, certify that By-Law number 2 was adopted by at least two thirds (2/3) of the votes cast at the General Organization Assembly held in New York City, on July 8th 2016. This By-Law recinds and replaces any prior loan and security grant By-Law.

Date: _______________________________________ __________________________________________________________
(Secretary)